Non-mining has greater share of GDP

But the November edition of preliminary GDP figures for 2007/08 shows a slacking real growth of 3.3 percent compared to 5.3 percent in 2006/07. The slowdown is attributed to the mining sector having recorded a negative growth of 3.5 percent against a positive 4.5 percent over 2006/07, whilst the non-mining GDP grew 8.0 percent from 5.7 percent during 2006/07.

Per capita growth was down to 2.6 percent from 4.4 percent. Real growth in the sector has been steady since 2004/05. The mining sector, apart from a boost over 2006/07, has been in decline for over the same period. "The year of negative growth for a second time in five years comes as the world faces a slowdown in commodity prices as well as a general recession," the Capital Securities report continues.